In a significant economic development, Pakistan's digital payments share has surged by 8% to reach 84% in fiscal year 2024 (FY24), up from 76%. This increase, reported by the State Bank of Pakistan (SBP), reflects a 35% rise in both the volume and value of retail payments.
The SBP attributes this growth to the rising number of users engaging with digital channels, driven by the convenience and variety offered by mobile banking apps, internet banking, and mobile wallets. Mobile app banking users rose by 16%, while internet banking users grew by 25%. Remarkably, e-wallet users saw an impressive 85% annual increase.
Collectively, transactions through mobile banking apps and internet portals surged by 62% to 1,346 million, with a transaction value of Rs70 trillion. The expansion of the POS machine network also contributed to this growth, with an 8.9% increase in the number of machines to 125,593, facilitating card-based transactions at numerous retail outlets.
E-commerce payments experienced a notable shift, with 87% initiated through bank accounts or digital wallets, totaling 309 million transactions valued at Rs406 billion. Additionally, transactions via the real-time gross settlement (RTGS) system increased significantly, highlighting robust activity in government securities and inter-bank transfers.
The report emphasizes that a strong payment system infrastructure is crucial for economic growth, enabling secure and efficient fund transfers among individuals, businesses, and government entities. This infrastructure includes payment card networks, digital platforms, and mobile payment solutions, all essential for financial inclusion and development.